Bankruptcy Timeline

Phoenix Bankruptcy Lawyers

People who are thinking about filing for bankruptcy should always keep the bankruptcy timeline in mind.  Below the general bankruptcy timeline is outlined:

• 180 days before a person files for bankruptcy, he/she will need to complete credit counseling.  Credit counseling is performed by an agency or specialist that is approved of by the U.S. Trustee.  When people complete credit counseling, they will be provided with a certificate of completion which will allow them to move forward with the bankruptcy filing process.
• 90 days before a person files for bankruptcy, he/she must be a resident of the state in which he/she is planning to file for bankruptcy.  This means that people must have resided in the state for at least 90 days in order to meet eligibility requirements.
• On day 1 of the bankruptcy filing process, people will file their bankruptcy petitions with a U.S. bankruptcy court. The court will then issue an “automatic stay”, which will prevent creditors from contacting the individual.  A case notice will be sent to all creditors the person owes debt to and a bankruptcy trustee will be assigned to the individual’s case.
• 15 days after the bankruptcy petition is filed, people will have to have filed their financial schedules (a court document that lists debts, assets and income).  A Notice of Commencement of Case will be sent to bankruptcy filers and their creditors.  Creditors will have a set amount of time to dispute the filing.
• 30 days after the bankruptcy petition is filed, people must submit a “statement of intention” which tells the courts whether or not people wish to keep their property.  If people wish to surrender their property, they will have 45 days after their state of intention is filed to do so.
• 6 weeks after the bankruptcy petition is filed, the trustee will hold a meeting with the person and his/her creditors.
• 4 to 6 months after the bankruptcy petition is filed, the person’s debts will be discharged if no counteraction is taken by the person’s creditors or the person will begin his/her repayment to creditors if he/she filed for Chapter 13.

The Phoenix Bankruptcy Law Firm assists individuals who are looking to file for bankruptcy in Phoenix and surrounding areas in Arizona such as Tuscon, Mesa, Glendale, Tempe and Prescott.